The Republic of South Sudan has become the newest member of the International Monetary Fund (IMF) and World Bank Group
The admission of the country into the global financial institutions was announced in separate statements on Wednesday.
The statement by IMF said, “The Republic of South Sudan joined the International Monetary Fund (IMF) today when Finance and Economic Planning Minister Kosti Manibe Ngai signed the IMF’s Articles of Agreement at a ceremony in Washington D.C.
“I am happy to welcome the Republic of South Sudan, which today becomes our 188th member,” IMF Managing Director Christine Lagarde said. “South Sudan faces enormous challenges, and the IMF will do its best to assist the country in setting up the foundations for economic stability and growth in the period ahead,” Ms. Lagarde underscored.
The World Bank in its statement said, “ The Republic of South Sudan became the newest member of the World Bank Group today when South Sudan’s Minister of Finance and Economic Planning, Kosti Manibe Ngai, signed the Articles of Agreement and Conventions of the World Bank Group in Washington DC.
In addition to becoming a member of the International Bank of Reconstruction and Development (IBRD), South Sudan joined the International Finance Corporation (IFC), International Development Association (IDA), the International Centre for Settlement of Investment Disputes (ICSID), and the Multilateral Investment Guarantee Agency (MIGA). IDA is the Bank Group’s concessional financing facility that helps the world’s poorest countries.
“I am very pleased to welcome South Sudan, the world’s newest country as our newest member of the World Bank Group, to help it manage and resolve its many formidable development challenges while it also builds a broad national coalition to secure lasting peace and prosperity, “ said Obiageli Ezekwesili, the World Bank’s Vice President for Africa.
“South Sudan is a test case for the ideas in our 2011 World Development Report on Conflict, Security and Development, emphasizing the leadership role of citizens in their own country- led peace and state-building solutions, with the support of their international development partners.
The World Bank is strongly committed to this approach in South Sudan, and also to support the fight against corruption, to promote accountability and good governance, and to work closely with South Sudan and its communities for better social and economic development.”